TUCSON, ARIZONA — La Estancia, a 556-acre master planned community, is widely recognized as one of Tucson’s best performing large communities. The project capped off an extremely successful 2021 with two large year-end deals. HSL La Estancia, LLC (HSL Properties, Omar Mireles, President) purchased 17+ acres at the main entrance to La Estancia at the SEC of Wilmot Road and Camino Boleadoras. This parcel will be planned for future multifamily housing. AMH La Estancia Development TRS, LLC dba American Homes 4 Rent (Shawn Chlarson, Tucson Director of Land Acquisition) purchased 298-lots along Camino Boleadoras just east of the main entrance along Wilmot Road. The seller in both transactions was the developer, Sunbelt Holdings.

With these year-end transactions at La Estancia, Sunbelt Holdings sold a total of 840 single-family lots and land for an additional 300+ units for future multifamily housing. 2021 was a record setting year for the master plan. La Estancia offers a distinctive community lifestyle and diverse range of residential living options in this prime southeast submarket. Centrally located off I-10 and Wilmot Road and nearby some of Tucson’s most prominent employment centers including Raytheon Missile Systems, Davis Monthan Air Force Base, U of A Tech Park and the Tucson International Airport, residents benefit from community amenities including a pool, splash pad, shaded ramadas and play equipment, completed and ready for use. This new phase will continue to advance development south of Camino Boleadoras.

“These latest transactions with HSL Properties and AMH are a great complimentary series of product lines that we are excited to offer,” said Greg Mohl, Vice President of Sunbelt Holdings. “We are happy to welcome them to the community. La Estancia offers the consumer a large range of housing products and we are very pleased with the success of La Estancia in 2021 and thankful to our builder partners in this project.”

The transactions were handled by Will White and John Carroll of Land Advisors Organization.

Will White of Land Advisors-Tucson commented, “La Estancia had a record setting 2021. The master-plan has been sought after by all of Tucson’s builders year after year. I just wish we had another La Estancia in this area. The project was developed in the right place at the right time and is irreplaceable on many fronts. We are thrilled for all involved and happy to play a role in these latest deals.”

For more information, White and Carroll should be reached at 520.514.7454.

To learn more, see RED Comp #9528 and #9533.

ORO VALLEY, ARIZONA — Golder Ranch Fire District purchased the office building at 1600 East Hanley and adjacent lot at 10800 North Mavinee Dr. for a combined price of $2.83 million ($182 PSF).  Golder Ranch Fire District will repurpose the 15,575-square-foot building on 2.66 acres for administrative offices in the Foothills Business Park.

The Golder Ranch Fire District was created in 1977 by a vote of the residents in the area. The Homeowners wanted to have a voice in their fire and medical care and at the same time, monitor costs. Today the District serves a 244-square-mile area with a population of nearly 120,000 residents included in the District are the communities of Oro Valley, Catalina, SaddleBrooke and southern Pinal County.

Golder Ranch Fire District was represented by Swain Chapman, CRE®, CCIM® and Erik Chapman, CCIM®  with Chapman Management Group, and the seller of 1600 East Hanley, G.H.E.S.R., Inc., was represented by Joe Nehls of Joe Nehls Realty.

For more information Chapman should be reached at 520-622-5544  and Nehls can be contacted at 520.544.2333.

To learn more, see RED Comp #9426 and #9427.

Top Sale in Tucson for Record Breaking 2021

TUCSON, ARIZONA – Atlanta-based, Cortland Growth and Income OP, LP continued its buying spree in Tucson through December 29, 2021, acquiring an additional 754-unit portfolio from Tucson Rental Homes for $245 million ($325,000 per rental). A record-breaking sale in a record breaking year for multifamily sales in Tucson!

The sale was completed on December 29, 2021.

Cortland has significant experience in acquiring, renovating, owning and operating multifamily communities leveraging the services of its construction, design, and property, asset and investment management affiliates.

This portfolio follows a 482-unit sale to Cortland for over $99 million ($205,500 per unit) that closed in October 2021.

Properties in the latest transaction include:

• Tucson National Casitas at 3205 W Cortaro Road, Tucson – 119 units for $38 million.
• Tanque Verde Casitas at 8701 E Tanque Verde Rd, Tucson – 105 units for $34 million.
• Richland Heights Homes at 3360 N Mountain Ave., Tucson – 38 units for $12 million.
• Sabino Canyon Homes at 5343 N Sabino Canyon Rd, Tucson – 44 units for $14 million.
• Tucson Apartments on Tanque Verde Creek at 9855 E Speedway Blvd., Tucson – 96 units for $32 million.
• Cortaro Casitas at 3869 W Cortaro Farms Rd., Tucson – 135 units for $44 million.
• La Mariposa Casitas at 10210 E Speedway Blvd., Tucson – 142 units for $46 million.
• Another 5 smaller properties with 75 units for $24 million;
• and the 3,663-square-foot Tucson Rental Homes leasing office at 4647 N Campbell Avenue, Tucson for $1 million ($273 PSF).

All were stand alone casita-type buildings except for the 96 units at Tucson Apartments on Tanque Verde Creek.

Art and Clint Wadlund with Berkadia Tucson handled the portfolio sale, representing the seller, Tucson Rental Homes in the transaction. The Wadlunds have since announced their move to  Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI). See today’s Real Estate Daily News for announcement.

Cortland is a vertically integrated multifamily real estate investment, development and management company focused on delivering resident-centric, hospitality-driven apartment living experiences. Headquartered in Atlanta, Cortland manages and is invested in, directly or indirectly, nearly 200 apartment communities comprised of more than 65,000 homes in the U.S. with regional offices in Charlotte, Dallas, Denver, Houston, Orlando and Tampa.

Cortland is a National Multifamily Housing Council (NMHC) Top 50 Owner and Manager, and the Top Brand Performer for online reputation in 2020.

For more information, Art Wadlund should be contacted at 520.299.7200 and Clint Wadlund can be reached at 520.615.1100.